We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
What comes first? Bankruptcy or Liquidation of Co.

Bailesy27
Posts: 62 Forumite
I have a failing Limited Company hence the problem. What do i do first put the company into Liquidation or go bankrupt?
0
Comments
-
Do you have personal guarantees on any of the business debts?Accept your past without regret, handle your present with confidence and face your future without fear0
-
Yes, the bloody lease and a Van lease.0
-
Hmmm, it's probably best to get the company liquidation underway first, then the guarantees will go into your personal BR.Accept your past without regret, handle your present with confidence and face your future without fear0
-
I have a failing Limited Company hence the problem. What do i do first put the company into Liquidation or go bankrupt?
In the same position as you at the moment been to see an IP and told we need to liquidate company first, bankrupts cannot be directors. Make arrangments to see an IP they were really helpful and could see we had a problem gave us advise on what to do now in preparation for liquidation. We also told our accountant asked him to send us an invoice for any work he will have to do for IP and we are going to pay that to keep him on side, it won't be much but at least we will have some help.
We are liquidating our company at the end of the month and then we will apply for bankruptcy before Christmas, not looking forward to it but have no choice cannot afford Corp. tax or VAT and have PG's in place so have to apply for bankruptcy to stop them going for us. Unfortunately we have had a good life style until now and whilst we have been in debt we have always managed to meet our commitments with no real problems but now work has dried up and no money coming in!
I have to say I am not looking forward to any of it because we will lose our house, our son will probably have to change schools and we will probably lose our cars although my husband has been offered a job he will need to get to work so his will be ok but mine may have to go unless I can convince OR that there is a genuine need for me to keep it. I am hoping he will agree based on the fact my older son 19 has special needs and I need to be able to get to him anytime day or night. He does not live with us he lives independently about 8 miles away, there are no transport links in the village I live in so need a car.0 -
What a nightmare for you - I am so sorry. We have a good chance of keeping our house (another story altogether). But am concerned about doing the right thing by our company obligations as much as possible as worried about getting arrested as we are directors and although we don't think we have done anything underhand, you never know how these things are percieved.0
-
I know what you mean but at the end of the day if you liquidate the company and you have taken dividends out then as long as they are declared on your next tax return you have done nothing wrong. We are liquidating at the end of the month we are trying to get in enough money to pay all our supply creditors so the only people left will be the banks, revenue and customs and excise.0
-
I am in a similar position - a Ltd company with a stack of personal guarantees ! I have seen an IP and they want £6K to liquidate the company. I don't have that kind of money so Biz Debt line have advised to cease trading and apply for strike off and go personally BR and so the PG's fall into that. I am hoping to keep the house as it will be nearly in negative equity.
Has anyone else considered strike off if they cannot afford liquidation ?0 -
Hi Haddit,
Have you started your strike off yet? We have to do the same but you have to not be trading for 3 months and we want to apply for BR as soon as we stop trading - do you know anything?
Thanks0 -
When i went BR back in June i had been a director of an Ltd company but resigned because of the BR and just worked in admin. At the time the company was ok and did not owe money to anyone and although i had given a personal guarentee on the lease but because the landlord wrote to them saying we were not behind on the rent they did not release me from that so i know it sounds silly but you might want to ensure that you owe money and then it will be included in your BR.
As for the company it got into trouble and owned by my partners mum. She has been told by her accountant to just walk away from it. Apparently as long as the bills are not in personal names or guaranteed then companies house will get fed up of not getting answers and just strike it off and when the companies realise they can choose to BR the business or just write off the debt. Harsh i know but how he told it and not so bad for my partners mum as the company only owed about £700.:cheesy: K2nga :cheesy:
BSC Member 176
BR 23/06/08
ED 22/01/09
Credit file BR fall off date: 24/06/14 :beer:0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 348.3K Banking & Borrowing
- 252.1K Reduce Debt & Boost Income
- 452.4K Spending & Discounts
- 240.8K Work, Benefits & Business
- 617.1K Mortgages, Homes & Bills
- 175.6K Life & Family
- 254K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards